If you have a financial crunch and need immediate cash, a personal loan is the fastest way to reach that goal. You can get approved for a personal loan in a matter of hours or a few days at most. Whether it’s a wedding in the family, travel plans, or even emergency home renovation plans, personal loans can provide instant financial relief.

Personal loans are unsecured loans, which means you don’t need to provide any asset as collateral. Other loans like car loans or gold loans use your personal belongings as collateral which you could lose if you default on your payments. Personal loans don’t require any of your belongings and therefore have a shorter loan application and disbursal process. A slightly higher interest rate than other forms of loans is a small price to pay for this. You can take a 5 Lakh personal loan from any financial institution against no collateral at all.

A personal loan can serve any purpose you want, which includes medical emergencies, travel financing, higher education, or buying your dream gadget. Nearly every financial institution provides personal loans in a short period with attractive rates of interest. Lenders don’t monitor how this money is used, so you can use the funds for any purpose. However, make sure the funds are not used for anything illegal such as betting or gambling. That could land you in trouble which could mean going to jail.

Eligibility Criteria for a Personal Loan Application:

Vendors consider several factors while deciding whether your loan application is approved or rejected. The exact criteria can differ from one lender to another, but the following factors are always considered:

  1. Age: You need to be a minimum of 18-21 years old while applying for the loan, depending on the lending institution. You should also not be over 60-65 years of age upon maturity of the loan.
  2. Income: For a salaried individual earning at least Rs. 25,000 per month, a loan for Rs. 5 lakh gets approved almost instantly. For a self-employed individual, lenders prefer an annual income of at least Rs. 5,00,000.
  3. Type of employment: There are separate terms of borrowing for both salaried individuals and self-employed professionals. The loan application process gets a lot simpler if you are a government employee or associated with a globally recognised company.
  4. Credit score: Since personal loans are unsecured, your credit score is the primary indicator for the lender regarding your creditworthiness. Credit scores are calculated based on existing debt, credit history, income, age and several other factors. For approval on a personal loan of Rs. 5 lakh, lenders prefer credit scores higher than 750. Even if your score is around 650, you will get approval for a personal loan. However, it could lead to higher interest rates, lower principal amounts or both.

Benefits of Personal Loans

Personal loans need minimal documentation, making the process quick and simple.

It also does not need any collateral. Being salaried with a verifiable steady source of income is all you need, rather than having collateral.

Several NBFCs are giving out personal loans. All lending companies provide you with a personal loan interest rate calculator to choose the right product.

Why do you need to Use a Loan EMI Calculator?

A borrower can utilize a personal loan EMI calculator tool for several of reasons, including:

  • A personal loan EMI calculator can be immensely helpful for borrowers as it will tell them the exact amount of their monthly installments.
  • Personal loan EMI calculators are tools that borrowers can use to plan their finances.
  • It is an online tool that borrowers can utilize at any time.
  • Further, one can save energy and time by not having to do these calculations.

Borrowers can get an instant 5 Lakh personal loan with less interest rate, quick processing, and minimal documents.  However, if individuals need to ensure that they don’t run into any financial troubles concerning their repaying the loan, they may opt for a personal loan EMI calculator. A personal loan EMI calculator is an online financial tool that can allow one to check their monthly payments for their personal loan and is always free of cost.

Always compare personal loan interest rates before deciding on a lender. This will help you get greater value and lower loan expenses. Personal loans can be a simple stop-gap solution for lack of funds. Other alternatives like credit cards and gold loans can be more expensive or time-consuming.

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